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Mortgage Market Update
My Mortgage Company
Innovative Home Loans
Wednesday, September 2, 2026
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Does refinancing make sense right now? |
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It's easy to hear about refinancing and wonder if you should do it. The answer really depends on your specific situation and goals.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Refinancing Basics
When refinancing makes sense for your situation
Refinancing isn't always the right move, but for some borrowers, it can unlock real benefits. The main reasons people refinance are to lower their monthly payment, shorten their loan term, or switch from an adjustable rate to a fixed one. The catch is that refinancing comes with closing costs, so it only pays off if you plan to stay in your home long enough to recoup those expenses through savings. If you're wondering whether a refinance pencils out for you, I'd look at your current loan terms, how long you're likely to keep the home, and what you'd owe to close. These factors together tell the real story of whether it's worth doing. Let's run the numbers and see if refinancing could work for you.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Innovative Home Loans
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